Australia's Alumina Ltd delivers 84.6pct drop in 1H profit

MELBOURNE, Jul 31, 2008 (Asia In Focus via COMTEX) -- AWC | Quote | Chart | News | PowerRating -- ALUMINA LTD (ASX:AWC), minority partner of the ALCOA WORLD ALUMINA & CHEMICALS (AWAC) group, has delivered an 84.6 per cent drop in first half profit due to operating higher costs. Profit during the six months to June 30 fell to $A43.8 million ($US41.33 million), from $284.3 million in the same period in 2007, amid higher energy costs and freight rates, and a weaker US dollar.

* Underlying earnings fell by 44 per cent over the same to $151.7 million.

* Energy costs in Australina have risen after the Varanus Island gas explosion in Western Australia constrained the supply of gas and forced many mining companies to use expensive diesel or seek alternative fuel to power their operations.

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